Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Cap Derivative Summary [Table Text Block]

Below is a summary of the interest rate cap derivatives held by the Company as of June 30, 2013:



(Dollars in thousands)
		Notional		Accounting	Fair Value as of
Effective Date	Maturity Date	Amount		Treatment	June 30, 2013
September 30, 2011	September 30, 2014	$	20,000	Cash Flow Hedging	$	1
September 30, 2011	September 30, 2014	40,000		Cash Flow Hedging	1
May 3, 2012	May 3, 2015	77,000		Non-Hedge Designated	43
May 3, 2012	May 3, 2016	215,000		Non-Hedge Designated	983
June 1, 2012	April 1, 2015	96,530		Non-Hedge Designated	91
August 29, 2012	August 29, 2016	216,500		Non-Hedge Designated	1,568
February 22, 2013	August 22, 2016	100,000		Non-Hedge Designated	852
March 21, 2013	March 21, 2017	100,000		Non-Hedge Designated	1,573
May 16, 2013	November 16, 2016	75,000		Non-Hedge Designated	834
September 15, 2013	September 15, 2017	50,000		Cash Flow Hedging	1,175
September 30, 2013	September 30, 2017	40,000		Cash Flow Hedging	969
		$	1,030,030		$	8,090

Schedule Of Fair Value Of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2013, December 31, 2012 and June 30, 2012:



	Derivative Assets						Derivative Liabilities
	Fair Value						Fair Value
(Dollars in thousands)	June 30, 2013		December 31, 2012		June 30, 2012		June 30, 2013		December 31, 2012		June 30, 2012
Derivatives designated as hedging instruments under ASC 815:
Interest rate derivatives designated as Cash Flow Hedges	$	2,146	$	2	$	17	$	4,416	$	7,988	$	9,918
Interest rate derivatives designated as Fair Value Hedges	$	94	$	104	$	392	$	—	$	—	$	—
Total derivatives designated as hedging instruments under ASC 815	$	2,240	$	106	$	409	$	4,416	$	7,988	$	9,918
Derivatives not designated as hedging instruments under ASC 815:
Interest rate derivatives	35,878		47,440		45,021		29,372		45,767		43,537
Interest rate lock commitments	14,579		6,069		8,062		3,208		937		3,847
Forward commitments to sell mortgage loans	7,835		277		111		583		3,057		4,072
Foreign exchange contracts	22		14		63		75		2		6
Total derivatives not designated as hedging instruments under ASC 815	$	58,314	$	53,800	$	53,257	$	33,238	$	49,763	$	51,462
Total derivatives	$	60,554	$	53,906	$	53,666	$	37,654	$	57,751	$	61,380

Schedule Of Interest Rate Swaps

The table below provides details on each of these cash flow hedges as of June 30, 2013:



	June 30, 2013
(Dollars in thousands)	Notional		Fair Value
Maturity Date	Amount		Asset (Liability)
Interest Rate Swaps:
September 2013	50,000		(530		)
September 2013	40,000		(508		)
September 2016	50,000		(2,227		)
October 2016	25,000		(1,151		)
Total Interest Rate Swaps	165,000		(4,416		)
Interest Rate Caps:
September 2014	20,000		1
September 2014	40,000		1
September 2017 ⁽¹⁾	50,000		1,175
September 2017 ⁽¹⁾	40,000		969
Total Interest Rate Caps	150,000		2,146
Total Cash Flow Hedges	$	315,000	$	(2,270	)

Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges

A rollforward of the amounts in accumulated other comprehensive income related to interest rate derivatives designated as cash flow hedges follows:



	Three months ended June 30,						Six months ended June 30,
(Dollars in thousands)	2013			2012			2013			2012
Unrealized loss at beginning of period	$	(7,199	)	$	(10,837	)	$	(8,673	)	$	(11,633	)
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated debentures	1,583			1,443			3,122			2,853
Amount of gain/(loss) recognized in other comprehensive income	586			(507		)	521			(1,121		)
Unrealized loss at end of period	$	(5,030	)	$	(9,901	)	$	(5,030	)	$	(9,901	)

Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk

The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of June 30, 2013:



(Dollars in thousands) Derivatives in Fair Value Hedging Relationships	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended June 30,					Amount of Gain or (Loss) Recognized in Income on Hedged Item Three Months Ended June 30,					Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Three Months Ended June 30,
		2013		2012			2013			2012		2013		2012
Interest rate products	Other income	$	67	$	(203	)	$	(57	)	$	216	$	10	$	13



(Dollars in thousands) Derivatives in Fair Value Hedging Relationships	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative Six Months Ended June 30,					Amount of Gain or (Loss) Recognized in Income on Hedged Item Six Months Ended June 30,					Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Six Months Ended June 30,
		2013		2012			2013			2012		2013		2012
Interest rate products	Other income	$	56	$	(203	)	$	(47	)	$	216	$	9	$	13

Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives

Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows:



		Three Months Ended						Six Months Ended
(Dollars in thousands)		June 30,						June 30,
Derivative	Location in income statement	2013			2012			2013			2012
Interest rate swaps and caps	Other income	$	3,217		$	(1,005	)	$	2,920		$	(854	)
Mortgage banking derivatives	Mortgage banking revenue	(2,368		)	1,016			(3,038		)	2,363
Covered call options	Fees from covered call options	993			3,114			2,632			6,237
Foreign exchange contracts	Other income	79			57			(67		)	57

Derivative Asset and Liability Balance Sheet Offsetting [Table Text Block]

The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown.



	Derivative Assets									Derivative Liabilities
	Fair Value									Fair Value
(Dollars in thousands)	June 30, 2013			December 31, 2012			June 30, 2012			June 30, 2013			December 31, 2012			June 30, 2012
Gross Amounts Recognized	$	38,118		$	47,546		$	45,430		$	33,788		$	53,755		$	53,455
Less: Amounts offset in the Statements of Financial Condition	$	—		$	—		$	—		$	—		$	—		$	—
Net amount presented in the Statements of Financial Condition	$	38,118		$	47,546		$	45,430		$	33,788		$	53,755		$	53,455
Gross amounts not offset in the Statements of Financial Condition
Offsetting Derivative Positions	(8,192		)	(339		)	(448		)	(8,192		)	(339		)	(448		)
Securities Collateral Posted ⁽¹⁾	—			—			—			(25,027		)	(46,811		)	(43,020		)
Cash Collateral Posted	—			—			—			—			(6,605		)	(7,315		)
Net Credit Exposure	$	29,926		$	47,207		$	44,982		$	569		$	—		$	2,672

(1) As of December 31, 2012, the Company posted securities collateral of $49.9 million which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability.